When a Single Firm Can Supply a Product to an Entire

question 13

Multiple Choice

When a single firm can supply a product to an entire market at a lower cost than could two or more firms, the industry is called a

• A)resource industry.
• B)exclusive industry.
• C)government monopoly.
• D)natural monopoly.

---

Definitions:

Obvious Solutions

Solutions that are straightforward or easily understood, often the first ones considered in problem-solving.

Disrupting Brand Position

The act of altering the established market position of a brand, often through innovative strategies, to create a new marketplace perception.

Designers

Professionals who plan, conceptualize, and create visual solutions or products, considering aesthetic and functional aspects.

Marketers

Professionals involved in the identification, anticipation, and satisfaction of customer needs and desires, usually through the development and promotion of products or services.